Molbio Diagnostics prepares for IPO in FY25 to raise Rs 2,200-2,400 crore

Goa-based diagnostics chain Molbio Diagnostics, backed by Temasek and Motilal Oswal Private Equity (MOPE), is set to launch an initial public offering (IPO) in the financial year 2025, according to reports.

The company aims to raise between Rs 2,200 crore and Rs 2,400 crore, according to Moneycontrol’s report.

Business Standard was not able to independently verify this. Molbio Diagnostics did not respond to comments.

Molbio Diagnostics became Goa's first startup to achieve unicorn status in September 2022 following a Rs 680 crore investment from Temasek and MOPE, plans to launch the IPO in November. The listing will provide a partial exit for existing investors, with the promoter group also likely to dilute their stake.

Molbio Diagnostics, led by technocrat and CEO Sriram Natarajan, is renowned for its Truenat technology—a point-of-care, portable, battery-operated real-time PCR platform. Truenat is recognised by the World Health Organization (WHO) as a replacement for smear microscopy in diagnosing tuberculosis.

Molbio's future plans include strengthening diagnostic testing for hepatitis C, B, HPV, and HIV, in addition to tuberculosis. The company is also developing point-of-care technologies in haematology, cancer, antimicrobial resistance, next-generation sequencing, and syndromic testing.

Molbio reported a revenue of Rs 850 crore for FY24 and aims to increase this to Rs 1,200 crore in FY25 by expanding its global presence and launching new products in the Indian market. In February 2023, Molbio acquired a majority stake in Prognosys Medical Systems, a manufacturer of digital X-ray machines, marking its entry into the radiology segment.